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Vol. 14, No. 38 Week of September 20, 2009
Providing coverage of Alaska and northern Canada's oil and gas industry

Arctic Directory: Crowley Maritime Corp. to manage five U.S. flag tankers for APT

The settlement agreement recently approved by a U.S. bankruptcy court judge in New York became effective July 28, clearing the way for an investor group led by The Blackstone Group to terminate its relationship with U.S. Shipping and retain Crowley Maritime Corp. to manage five U.S. flag petroleum tankers for the newly renamed company, American Petroleum Tankers LLC, Crowley said in a recent press release.

The five tankers, two of which are in operation and three of which are due for delivery from shipbuilder NASSCO through 2010, were to be owned by a joint venture controlled primarily by affiliates of The Blackstone Group and U.S. Shipping partners.

Crowley Maritime Corp. has been appointed as the construction manager for the three tankers still being built and vessel manager for all five vessels. The company also expects to put in place new debt financing led by DVB Bank SE.

“We are excited and honored to take part in this venture,” said Tom Crowley, Crowley chairman, president and CEO. “We look forward to bringing our technical vessel construction expertise to the new-build process, and on the operational side of the business we’re pleased to be working with some of our existing customers who have chartered these new ships. We pledge to deliver the same attention to detail and safety that we have always provided with our own petroleum vessels.”



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